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In this video tutorial, Matthew explains how to create a memorandum of understanding (MOU) using legal templates. First, viewers should click the provided link to access business forms and select "view all business forms." Then, they should use the search function to find the MOU template. The process begins by identifying the first party as either a business or individual, entering details such as name, address, city, state, and zip code. The same information is required for the second party. Following this, users need to specify when the MOU will be effective, provide the project name, and outline the main objective. Lastly, they should describe the expertise and experiences each party brings to the project.